Portugal at risk of needing bailout, finance minister warns

PORTUGAL'S finance minister warned the country is at high risk of needing to turn to the international community for an emergency bailout amid fears that the eurozone debt crisis will spread.

“The risk is high because we are not facing only a national or country problem. It is the problems of Greece, Portugal and Ireland. This is not a problem of only this country,” Fernando Teixeira dos Santos told  the Financial Times.

“This has to do with the eurozone and the stability of the eurozone, and that is why contagion in this framework is more likely."

His comments came as Ireland's government continued  to deny reports that it made an application for an €80 billion ($111m) EU bailout over its economic difficulties and EU statistics agency Eurostat revised Greece's 2009 fiscal deficit to 15.4 percent of gross domestic product.

Read more about Portugal at risk of 'needing bailout' at the Financial Times.